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US Senate approves financial rescue plan

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US Senate approves financial rescue plan

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The United States Senate has approved a four hundred billion euro bail out of the US financial system, which politicians and banking experts said was crucial to averting economic catastrophe.

The voting: seventy four in favour, twenty five against.

The result was greeted with cheers of relief.

Afterwards Democrat Senate Majority leader Harry Reid said the Senate had come together in a bipartisan way to send a clear message to all America: “This is not a perfect bill by any means, but it’s much improved from what we got originally, and it’s been improved because we have worked together.

This is not a Democratic bill, it s not a Republican bill, it s our bill.”

Attention now switches to the US House of Representatives which will vote on the bill probably on Friday, before it’s sent to President George Bush for approval

Central bankers worldwide are counting on the rescue plan to clean up balance sheets and jump start lending.

Until then markets across the world remain nervous.